Indian Property News on 'March, 2007'

Ajmera to Give A Push to SPSL

Ajmera Group, a $450 million conglomerate based in Mumbai, has finalized its decision to merge its leading real estate arms with Shree Precoated Steels Ltd (SPSL), its group firm that runs the business of making color coated galvanized steel sheets.

The group has plans to consolidate its existing eight real estate projects into Shree Precoated. The shift to fold such crucial projects into its galvanized steel firm is estimated to increase the enterprise value of SPSL to over Rs 5,334 crore against Rs 3,457 crore pre-merger. Read More »

L.J. Hooker Carves Out Expansion Plans For India

LJ Hooker, the Australian real-estate company, which opened its outlet in Koramangala, Bangalore inaugurated its first franchise store with much fanfare is all set to make a spectacular entry into the Indian real estate market.

Established in 1928 by Sir Leslie Joseph Hooker, it has achieved unqualified success in creating its international network that spreads across a host of countries in South-East Asia that includes Papua New Guinea, Indonesia, Hong Kong, New Zealand, and China. The Group has more than 730 franchises in Australia and Asia. Read More »

Blackstone Carving a Niche in Indian Real Estate

Blackstone, a leader in the field of private equity investing since 1987, is planning to raise $4 billion from an Initial Public Offer (IPO) in the US. This is believed to further boost investments in India after closing the public issue.

At present, the current investment of the group has already reached sky high with $2.5 billion, while it has also announced to create a $5 billion fund with Citigroup Inc. to make investments in a number of Indian infrastructure projects. Read More »

Service Tax will be Charged on Rentals of Commercial Property, says FINMIN

Despite of strong protests from different sectors of India Inc, the finance ministry does not seem to change its stand of levying a service tax on renting of immovable property for commercial purposes.

Such property rentals are essential services and so should be brought under the service net tax. However, a final decision is still awaited for the amendments to the Finance Bill, which is likely to be tabled in the Parliament after the recess. Read More »

Govt Asks RIL to Cut Size of Its Maha Mumbai SEZ

Reliance Industries may require to cut down the size of the proposed multi product Maha Mumbai Special Economic Zone (SEZ) from 10,000 hectares to 5,000 hectares. It has been decided to prevent dislodging farmers who are unwilling to relocate. The decision is likely to be taken at the next meet of the empowered group of ministers (eGoM) on SEZs.

The company has faced a strong protest from the farmer groups, political parties and small businesses intensifying in the state, the government’s proposal could be seen as an effort to avoid the same violence that took place in West Bengal’s Nandigram. Read More »

IBM Gets Rs 128 Cr Contract to Build IT Infrastructure for DLF

IBM India has got a $29 million contract from DLF to manage its IT infrastructure. The IT service giant has signed a 10 year contract according to which it would create and maintain policies, standards, technology and delivery infrastructure, and standardize them as part of a broader transformation initiative, which runs across over 20 locations in India.

IBM would undertake security and disaster recovery planning while deploying an organization security framework and check security readiness for ISO 27000. The company would be sole responsible for providing helpdesk to DLF users across India. It would support the present IT requirements of DLF businesses and will enable them the real estate companies to offer new business prospects with speed- providing for a predictable cost of IT for DLF as it grows. Read More »

RBI Forwards a Question Bank to Banks

The Reserve Bank of India (RBI) seems to take a strict attitude towards banks related to the real estate and home loan portfolio. It has given the banks a list of 32 questions including information on whether they expect any correction in real estate prices.

The banks will also require showing the procedure of how they evaluate property, the market sources they trust to calculate the actual property, and the documents that are obtained from customers while issuing loans. The authority has also asked the banks to supply adequate information on the relationship of loan to property value. Read More »

Sarita Vihar and Jasola Reaching New Highs

There are several locations in Lutyen’s Delhi which have emerged as the favorite destinations of property developers and people interested in making investments in properties. Two of such places that have certainly witnessed a paradigm shift in development of middle and upper middle class residential colonies.

These colonies enjoy the strategic location of being situated on the main Mathura Road (NH-2) and have great connectivity to central and south Delhi on one side (Ashram Chowk is 5-6 km away), and Faridabad on the other. The residents here can have the convenience to travel to a number of industrial and business destinations. Okhla Industrial Area, Phase I and II, are just located opposite to these colonies on the other side of NH-2. Mohan Cooperative Industrial Estate is also in the proximity. Read More »

Property Expo in Coimbatore Is Another Huge Success

The third property expo held in the city of Coimbatore provided the property developers with excellent prospects. It also offered a chance to common man to be abreast with energy efficient and environment friendly buildings.

This recently concluded fair was jointly organized by Association on Consulting Civil Engineers India (ACCE), builder’s Association of India (BAI), and Coimbatore District Small Industries Association (CODISSIA). The fair is believed to have generated around Rs. 100, 00,000 business. Read More »

HUDA Auction Nets Rs 740 Cr in Three Months

The rising real estate prices in the state of Haryana has brought a merry time for the Haryana Urban Development Authority (HUDA). The authority has garnered a sum of Rs 740 crore through the auction of various commercial sites.

A hotel site in Sector-14 has fetched a whopping Rs. 61 crore against the reserve price of Rs. 36 crore. The site had been auctioned to M.D.L.R Hotels. Of all the sites put for auction, the lowest auction went for 45.50 lakh for a single storey booth comprising the area of 222.68 square metre in Sector 21. Read More »